通富微电：前三季度业绩同比扭亏为盈，拟间接持有AAMI完善产业链布局

Investment Rating - The investment rating for the company is "Buy - A" [1] Core Views - The company has turned profitable in the first three quarters of 2024, with a total revenue of 17.081 billion yuan, representing a year-on-year increase of 7.38%. In Q3 2024, the revenue was 6.001 billion yuan, showing a slight year-on-year increase of 0.04% and a quarter-on-quarter increase of 3.50% [1] - The net profit attributable to the parent company for the first three quarters of 2024 was 553 million yuan, a significant turnaround from a net loss of 64 million yuan in the same period of 2023. In Q3 2024, the net profit was 230 million yuan, marking an 85.32% year-on-year increase and a 2.53% quarter-on-quarter increase [1] - The company plans to invest 200 million yuan to indirectly hold equity in AAMI, enhancing the stability and security of its supply chain [1] Financial Performance Summary - For the first three quarters of 2024, the company's financial expenses were 375 million yuan, a decrease of 49.14% year-on-year, primarily due to a significant reduction in exchange losses. Interest income increased by 81.70% year-on-year to 66 million yuan, attributed to improved fund management and increased deposit income [1] - Other income rose by 64.40% year-on-year to 140 million yuan, mainly due to the recognition of government subsidies [1] Revenue and Profit Forecast - The revenue forecast for 2024 to 2026 has been adjusted to 23.806 billion yuan, 28.231 billion yuan, and 32.813 billion yuan, with growth rates of 6.9%, 18.6%, and 16.2% respectively. The net profit forecast has been adjusted to 804 million yuan, 1.205 billion yuan, and 1.567 billion yuan, with growth rates of 374.4%, 50.0%, and 30.0% respectively [2][3] - The company's P/E ratios are projected to be 54.2, 36.1, and 27.8 for the years 2024, 2025, and 2026 respectively [2][3] Investment Strategy - The report suggests maintaining the "Buy - A" rating, considering the weak recovery in the semiconductor industry and the company's significant improvement in Q3 financial results. The company is expected to benefit from advancements in packaging technology and deepening cooperation with major clients like AMD [1][2]